You want an emergency fund to cover the unexpected.

And you'll have new cracks in unexpected places, old cracks that will not close, but instead enlarge.

Earlier this year my wife's uncle unexpectedly passed away.

Well that took an unexpected turn 

If you're a high earner making several hundred thousand a year and can easily cover unexpected vacancy/expenses, vs someone who is highly leveraged with little margin for mishaps, the answer would be very different. 

Billionaires don't have to worry about an unexpected medical bill bringing you right past your deductible and out of pocket max in one shot (as we did in JANUARY last year...thanks to a hospital visit.

Late night calls, chasing tenants for rent, and dealing with unexpected repairs... just to name a few.

The last thing you want to do is use all your saving to buy a place and then have a vacant unit or unexpected repairs.

I wouldn't do any deal without having at least 10k in reserves at a minimum to cover anything that unexpectedly goes wrong -- don't drain every ounce of your cash just to get started.

And be prepared for the unexpected, because it will happen.